Books-A-Million's earnings improve, 'Fifty Shades of Grey' credited in part

BIRMINGHAM, Alabama -- Books-A-Million Inc. today reported $120 million in net sales in the quarter ended July 28, an increase of 15 percent compared to the same period a year before. Comparable store sales increased 0.5 percent during the quarter.

The company reported a net loss from continuing operations of $881,000, or 6 cents per diluted share. In the second quarter a year earlier the company reported a net loss of $2.9 million, or 18 cents a share.

Books-A-Million stock closed trading today at $2.48, up 3 cents or 1.22 percent. The earnings were announced after the markets closed.

Terrance G. Finley, president and CEO, said the results reflect the opening of new stores in the fourth quarter of the previous year, solid merchandise sales and "the phenomenal success of the Fifty Shades of Grey series."

Also today, Books-A-Million announced that its board of directors has authorized the repurchase of up to $5 million in common stock. At today's closing price that would amount to about 2 million of 16 million shares outstanding.